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SABMiller bid may spark beer battle

SABMiller, the world's second largest brewer, is to launch a hostile offer of more than HK$3.7bn (â‚¬391m) for Harbin Brewery in a move that could spark a bid battle for the Chinese group.

The offer, which could be announced as early as Wednesday, would be the first hostile bid by a foreign company for a large Chinese group and could prompt a counter-offer from Anheuser-Busch, SABMiller's larger US rival.

SABMiller is understood to be advised by Anglo-Chinese Securities, a local investment boutique, because JPMorgan, its usual adviser, has a conflict of interest. Anheuser is believed to be advised by Morgan Stanley. The banks were unavailable for comment on Tuesday.